Forum Moderators: LifeinAsia
I live in Florida and am interested in how things work when it comes to establishing a new business.
Step 1: Incorporate it.....$200 approx. Online Attorneys are cheaper and more efficient for this step.
Step 2: Keep very accurate books for receipts and expenses. Setup a business banking account. I'm still with First Onion/Wachovia....but today I would go with Bank Of America if it wasn't such a pain to switch.
Use QuickBooks, it is the standard and your CPA will most likely want you to use it.
Step 3: Remember to file the Annual Florida UBR....$150 per year as memory serves....thanks for the post I need to do mine and you just reminded me!
Florida is a very, very friendly state for businesses. Both tax wise and for risk/liability limitation. Apart from the Caribbean Islands you are already in one of the best places on the planet :)
There are some complexities......my advice is to get a good CPA/Tax Attorney and they will show you the ropes for very little money.....e.g. When you incorporate you will probably want to apply for "S" status with the IRS.....that way you will most likely get some tax advantages. Some advisors will say do an LLC.....If you are going to be a "one man and his dog" type operation....as I am, I would do the "S" type corp.
Take a look at: [dos.state.fl.us...] for more info. It isn't as hard as it looks.
Good Luck :)
Online Attorneys are cheaper and more efficient for this step.
Where can I find a good online attorney?
